John Fredriksen, the Norwegian shipping billionaire, cut his stake in TUI, the biggest shareholder of German ocean container carrier Hapag-Lloyd, to 15.7 percent from around 19 percent.
At the same time, Fredriksen, a vocal critic of TUI's management of Hapag-Lloyd, has acquired convertible bonds in the company.
The convertible bonds "suit our needs better", Fredriksen's aide Tor Olav Troim told Reuters on the sidelines of TUI's annual shareholders meeting in Hanover today, February 17.
Fredriksen wants to play a "constructive" role at TUI, Troim said.
TUI, which owns just over 43 percent of Hapag-Lloyd, on Feb. 17 urged shareholders to reject a motion by Fredriksen calling for an audit of the financial aid it has given to the carrier.
TUI, which has a $3.4 billion exposure to Hapag-Lloyd in shares and loans, has said it wants eventually to cut its ties with the world's sixth largest ocean carrier.